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Krista · ·
Compound interest is the most important money concept on the planet. You may also hear it called compounding interest, which is the same thing.
Compound interest can make you richer than you ever imagined or dig you into a deep hole of financial ruin. In this article I’ll dive into what it is, how it can be your best friend or worst enemy, and what you need to do to reap the rewards.
[Read more…] about Compound Interest: Best Friend or Worst Enemy?Krista · ·
2020 was the year that I really started taking personal finance seriously. I went through a lot of life changes in a short amount of time, and I wanted to make sure that I was making the best decisions possible with my money.
I read Ramit Sethi’s book I Will Teach You To Be Rich and immediately became a personal finance nerd. Once I knew about 401ks and Roth IRAs, I realized that I had $8,461.02 in old employer 401ks that was just sitting there. I researched all of my options thoroughly and decided to roll over the money into my Roth IRA, despite the fact that I would have to pay $1,861.42 in taxes because of it.
[Read more…] about Why I rolled over $8,461.02 from my 401k to my Roth IRAKrista · ·
Imagine…
You’ve got a checking account where all of your money goes. You want to start saving for the future, so you decide to take $200 out of your monthly income and put it in a long-term investment account (Roth IRA).
You set everything set up so that the $200 automatically gets moved from your checking account to your Roth IRA every month, and after a few months you forget about it. You don’t even miss that $200 a month anymore.
Yes, yes you would.
Fast forward 5 years…
[Read more…] about How to access Roth IRA money penalty free when life gets crazy